Piper Sandler analyst Crispin Love lowered the firm's price target on Redwood Trust to $5.50 from $6.50 and keeps a Neutral rating on the shares. The mortgage environment has remained challenging, which is leading the firm to favor agency focused names going into the quarter versus the originators. 30-year mortgage rates remain elevated in the 6.50% range and Piper believes there will be little in the way of positive news on the mortgage origination front from management teams.
